6-July-2011

Phone rings!☎ Tr-Tr-Tr-Tr — Tr-Tr — Tr-Tr — Tr-Tr — Tr-Tr — Tr-Tr

Rajat : Hello ! Jayant how are you ?

Jayant : I m fine Rajat, what about you ?

Rajat: I m fine too, it has been a long we had not talked.

Jayant: OH I am sorry for that, so do you use FB?

Rajat: FB, what is this ?

Jayant: Facebook, is messaging website where we can communicate and share our photos, videos, and many more things.

Rajat: Wow! Sounds, Interesting from where did you know about this website?

Jayant: One of my friends Shivam, told me about this.

Rajat: and from where Shivam knew about this?

Jayant: from his friend.

So, I ask the reader, have you created your Facebook account just by watching TV ads.

No, At that time, Facebook was not using any marketing strategy

you just created the account just because your friend is using it.

So From the “WORD OF MOUTH,” Facebook has reached a Market Capitalization of $890Billions, and with the help of people like Rajat and Jayant, Mark Zuckerberg (Founder of Facebook) became the youngest billionaire in 2008 at the age of 23.

From the above conversation we came to know that “Word of Mouth” is the cheapest and effective way of marketing.

In this article, I am going to talk about how marketing helps in the long term, how a tangible and intangible source can help you in marketing, and more things.

Marketing is all about identifying and meeting human and social needs. One of the shortest definitions of marketing is “meeting needs profitability”. Customers are value maximizers. Consumers’ behavior & emotions have a major role in buying the product. Good marketing is no accident. It is both an art and science.

Following things that can be marketed:

  • Goods
  • Service
  • Events
  • Experience
  • Persons
  • Places
  • Properties
  • Organization
  • Information
  • Ideas

Marketing is not done only by the marketing department. It needs to affect every aspect of the customer experience. To create a strong marketing organization, marketers must think like executives in other departments, and executives in other departments must think more like marketers. It can be done BY THE PEOPLE, TO THE PEOPLE, and FOR THE PEOPLE.

Did you know?

Trash Can Marketing: In the early 90s, Red Bull marketers used to put empty cans in the garbage and on tables of popular restaurants just to create social awareness that people are actually consuming it.

“We don’t bring the product to people

We bring people to product”

-Dietrich Mateschitz (Founder of Red Bull)

Marketing revolves around 4p’s

Communication plays a major role in Marketing

the customer will ask for the product or service, it is the marketer’s job to categorize it into NEED, DEMAND, and WANT. Just like a professional doctor, First, he diagnoses the problem of the patient, In the same way, the marketer should diagnose the need, want, and demand of a customer. In this way, good and healthy communication can be done.

PRO TIP

→Never argue with someone, If you argue then there will be only two results which are as follows :

  1. If you win, then you win but you lose the other person.
  2. If you lose, then you lose.

→Listening makes you clever. If you listen to someone’s talk then they will listen to your plan but remember you have to initiate first.

→Be humble and calm, while talking to strangers. You can also use Sir or Mam & Mr. or Ms. to show respect

→Listening helps overcome self-consciousness

→You have to know what people want; what they need and who they are in order to deal with them effectively.

→People will tell you what they want if you’ll listen

→Asking a question to interest others

→Speaking through third parties

→Allow others to state their case

→Thank people by their name, Almost 80% of people in this world want to listen to their name from others.

There can different approaches to marketing but today we will talk about the Digital approach and Traditional Approach.

Digital Approach — Promoting the product or service in a digital way

-Communication with the customer through a digital medium

Digital Marketing and Traditional Marketing can be a subset of marketing

Using a web-campaign

BMW claimed a $110 million revenue gain for its 1-series. More than 3 million people saw a five-video teaser campaign and 20,000 gave their contact details. BMW also targeted influential bloggers and used feedback from social media as input to styling and sales forecasts.

Differentiate Digital Marketing and Traditional Marketing

Is the catalog of digital marketing is same as social media marketing?

NO ! social media marketing can be a part of digital marketing

Let’s have a look at the same.

Social Media: it encompasses through channels of communication

Basic search: search engines like google, yahoo, and Bing, etc.

Content marketing: interactive content in all channels

Paid search: Advertisement display, Social Media Ads.

SEO: the process of improving the website‘s traffic in quantity and quality terms.

Sell & Convert: conversion rate with this integrated plan is enhanced.

All the above things have a basic pillar which we are going to discuss now.

You already know in mathematics term the “raise to the power” factor has produced greater result than the “multiplication” factor.

The “Raise to the power” factor also describes compounding.

So for compounding growth of wealth, we will write

WEALTH = N^CATT

N (Niche): Refers to the area of your interest, Your success, and wealth depends on this

C (Content): If you know about your niche then you can write or create some content on it that will help others. There can be n no. of sources such as blog, videos, etc.

A (Attention): Well, your niche is like your GDP. You can think differently on your niche from others and by writing some valuable and useful information, you can drive attention to your content SEO, Social Media, Pai Ads and referrals can also be used.

T(Trust): Build Integral value and Trust with the audience using Trip Wire, Marketing Automation & Retargeting. Positive Quotes and motivational thoughts will increase the trust. In the Earlier phase don’t expect something in return from your audience.

T(Transaction): People will not the product, They will buy the emotion which is behind the product. Once you have gained the trust of your audience they will do transactions with you. Law of Average will always work. Let’s say your content is visited by 10 people, 7 Will read it, 5 will understand it and feel something special about your content 3 will do transactions. Now you just need to focus on the 3 transactions.

10 : 7 : 5 : 3

Now after some transaction, you will feel confident about your niche and the cycle continues. I believe after riding on the super cycle of CATT Funnel you want to work on a personal brand.

So let’s have a look at the power of the personal brand.

Tatas, Birlas , Adanis are some examples of personal brand.

People want to hear from people, reports, results, and stats, not from the brand itself.

Dubai, Singapore, and Israel are some examples of those countries that worked on the personal brand of their country.

If you have a fan base then people will buy anything from you.

CASE STUDY :

in 2012, There was a time when MICROMAX was giving tough competition to Apple and Samsung in Indian Mobile Market, but later Chinese mobiles has taken the market share from Micromax. Later Mr. Rahul Sharma (Founder of Micromax) came with another product i.e. Revolt bikes (India’s First AI-enabled electric motorbike ) for traveling and the true fans of Rahul gave respect to this product.

Yes Personal Brand cannot be invested in and it cannot be sold, But a personal brand can give rise to many brands from his/her influence just like Rahul Sharma.

Source : Google Images

How Rahul Sharma evolve as a personal brand.

Learn: A new skill can be learned through concepts, facts, and procedures. Rahul Sharma holds a degree in mechanical engineering from Rashtrasant Nagpur University. So he has learned all the skills through college but self-learning has also played a significant role for him.

Work: You should put your learned skill to work. Go from practice to implementation. Rahul Sharma has also worked in a manufacturing company for 2 years, before deciding to start his business venture as he has gone through every process of manufacturing. Work can be job/freelancing or project

Blog/Notes: Write about what you have learned. In an interview, Rahul suggested to young entrepreneurs to write ideas in a diary, when you write you understand better. Write what you have learned through the online or offline mediums.

Consult/Discussion: Now that you have reached the optimum level through your work, experience, and fundamentals, start consulting others and help them. Initially, Micromax worked on low-end technology products however they made a breakthrough when they shook hands with NOKIA for consultancy and strategic management. After learning fundamentals start consulting other businesses instead of working for them.

Mentor & Mentee: Mentor others and help them. Mentoring will help you scale your understanding to a whole new level. Micromax then guided in creating a frequency-conversion tool for Bharti Airtel Ltd. that allowed them later to suit up a huge network of “Payphone” where BSNL & MTNL were enjoying a Duopoly.

Start-Up: Start your own product or service business. In this way, Micromax and Rahul Sharma evolved as a personal brand. After the downfall of Micromax. Rahul started another venture namely Revolt bikes (India’s First AI-enabled electric motorbike )

Source : Google Images

Every entrepreneur should understand the economics of the country and its business. Here I will try to show a little glimpse of the economy.

Economy refers to the consumption and production pattern of a particular state or country.

We can differentiate a developed economy or an underdeveloped economy with the help of the following parameters:

  • Level of Per Capita Income: Income earned by an individual in a particular state or country.
  • Standard of Living: Lifestyle, Education, Health Facilities, etc.
  • Income Distribution: How income is distributed in the population.
  • Rate of Capital Formation: How the country is contributing to long-term assets.
  • Productivity: How an individual is completing his/her objective with efficiency
  • Size of Population: refers to no. of people living in a particular state or country.
  • Unemployment and underemployment: Unemployed means you don’t have a job, while underemployment means the job you have is inadequate
  • Agriculture: The Agriculture sectors comprise establishments primarily engaged in growing crops, raising animals, and harvesting fish and other animals from a farm, ranch, or their natural habitats
  • Foreign Trade: Trading of Goods and Services from international countries.
  • Human Capital: It can be classified as the economic value of an individual’s experience and skills.

Now you have understood all the above parameters so you might be able to rate the country. Do tell me in the comments section whether the country is Developed, Under-Developed, or Developing.

So marketing can be done anywhere, Let’s consider three organizations: Microsoft, Tata Motors, and Aggarwal Sweets. If I ask you what is the business of each of these companies, your answer would probably be :

Microsoft is in the field of developing software, Tata Motors is in the business of manufacturing and selling automobiles and Aggarwal Sweets provides mouth-watering sweets and snacks.

But the truth is that all these three are actually in one business and that is to make a profit.

Their methods of doing so are different. The primary objective of starting a business is to earn profit. unless the business is making a profit, you might want to reconsider whether you wish to continue running it.

Similarly, The main objective of marketing is to do the sale and to increase revenue.

I also write blogs at Rupay Rajat

You can also write to me at: contact@rupayrajat.com

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